Business
Ritchie Bros. Announces Pricing of Senior Notes Offering to Partially Fund IAA Merger
Ritchie Bros. Announces Pricing of Senior Notes Offering to Partially Fund IAA Merger C...
About this update from Rb Global, Inc.
[{"type":"text","content":"\n \n \n \n Ritchie Bros. Announces Pricing of Senior Notes Offering to Partially Fund IAA Merger\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prnml4{\nMARGIN-LEFT:0.33em !IMPORTANT\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n March 1, 2023\n \n \n /CNW/ -\n \n Ritchie Bros\n \n . Auctioneers Incorporated (NYSE: RBA) (TSX: RBA), \"\n \n Ritchie Bros\n \n .,\" the \"Company,\" \"we,\" \"us\" or \"our\"), today announced that it has priced its previously announced offering of (a)\n \n $550 million\n \n aggregate principal amount of 6.750% senior secured notes due\n \n March 15, 2028\n \n and (b)\n \n $800 million\n \n aggregate principal amount of 7.750% senior notes due\n \n March 15, 2031\n \n (collectively, the \"Notes\") to be issued by\n \n Ritchie Bros\n \n . Holdings Inc., a\n \n Washington\n \n corporation and wholly-owned subsidiary of\n \n Ritchie Bros\n \n ., with each series of notes to be issued at par.\n \n \n \n Ritchie Bros\n \n . intends to use the net proceeds from the offering of the Notes, together with proceeds from its term loan A facility and cash from its balance sheet, to fund the cash portion of the consideration payable in the previously announced merger with IAA, Inc. and its subsidiaries (\"IAA\" and such transaction, the \"Merger\"), refinance IAA's existing indebtedness, repay or refinance all of\n \n Ritchie Bros\n \n .' indebtedness, including\n \n Ritchie Bros\n \n .' existing 5.375% Senior Notes due 2025 (the \"existing 2025 notes\"), pay a one-time, special cash dividend to\n \n Ritchie Bros\n \n .' shareholders\n \n 1\n \n and pay related fees and expenses. This news release does not constitute a notice of redemption of the existing 2025 notes. The gross proceeds from the offering will be held in an escrow account pending the consummation of the Merger. The offering of the Notes is expected to close on\n \n March 15, 2023\n \n , subject to customary closing conditions.\n \n \n The Notes have been offered and will be sold only to persons reasonably believed to be qualified institutional buyers i...